Russia’s central bank has left its benchmark interest rate at a record 21%, holding off on further increases despite high consumer inflation fueled by the Kremlin’s war against Ukraine.

Russia’s central bank has raised its key interest rate by two percentage points to a record-high 21% in an effort to combat growing inflation.

The head of the Russian Central Bank is warning that the country’s economy faces pressure from abroad that could persist indefinitely, dampening hopes that conditions could return to the way they were before Russia sent troops into Ukraine.